Baraka Power Limited

Baraka Power Limited

Power Generating Company

6th AGM

16-November-2013


Barakatullah Electro Dynamics Ltd. (BEDL) has successfully completed its 6th Annual General meeting on 16th November, 2013 at Malancha Community Centre, Kumarpara, Sylhet-3100 Welcoming speech has been conducted by Mr. Faisal Ahmed Chowdhury, Chairman of Barakatullah Electro Dynamics Ltd in front of the huge presence of the shareholders & well wishers. He informed that Barakatullah Electro Dynamics Ltd. is the first private sector power generating company of the country by a group of NRB investor. It has successfully installed and commissioned a 51 MW Power Plant at Fenchuganj, Sylhet on 24th October 2009 and since then supplying uninterrupted electricity to Bangladesh Power Development Board (BPDB) under a Power Purchase Agreement with them. He also informed about the implementation progress of another 50 MW Power plant at Patenga, Chittagong under the name of BARAKA PATENGA POWER LTD – a sister concern of Barakatullah Electro Dynamics Ltd (BEDL). Mr. Gulam Rabbani Chowdhury, Managing Director of the company informed that the company has received tremendous support from the investors and The Bangladesh Bank under the Investment Promotion and Financing Facility (IPFF) has approved the term loan of USD 23.03 million and disbursed USD 19.91 million at interest rate of LIBOR + 3.30% p.a. for term of 12 years in favor of Baraka Patenga Power Limited (a 51% subsidiary company of BEDL). The fund has disbursed through United Commercial Bank Limited & Trust Bank Limited for the under construction project of Baraka Patenga Power Limited 50 MW Power Plant. Another fund of USD 3.12 million will be disbursed shortly for flue gas desulphurization (FGD) equipment. This is the first time the Bangladesh Bank has financed under IPFF project in USD. The AGM has been completed successfully with the announcement of 5% Stock Dividend and 10% Cash dividend to its shareholders with the hope to do better performance in the days to come.